LMOPX vs. LMCLX

Last updated Aug 1, 2026

LMOPX (Miller Opportunity Trust) and LMCLX (Miller Income Fund) are both mutual funds - LMOPX is a Mid Cap Blend Equities fund managed by Miller Value, while LMCLX is a Diversified Portfolio fund managed by Miller Value. Over the past 10 years, LMOPX returned 12.91%/yr vs 9.24%/yr for LMCLX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. LMOPX charges 1.95%/yr vs 0.96%/yr for LMCLX.

Performance

LMOPX vs. LMCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Opportunity Trust (LMOPX) and Miller Income Fund (LMCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMOPX achieves a 10.26% return, which is significantly lower than LMCLX's 12.11% return. Over the past 10 years, LMOPX has outperformed LMCLX with an annualized return of 12.91%, while LMCLX has yielded a comparatively lower 9.24% annualized return.

LMOPX

• 1D: 0.17%
• 1M: -0.99%
• 6M: 7.66%
• YTD: 10.26%
• 1Y: 31.63%
• 3Y*: 21.52%
• 5Y*: 5.26%
• 10Y*: 12.91%
• ALL TIME*: 7.62%

LMCLX

• 1D: 1.00%
• 1M: 6.68%
• 6M: 9.34%
• YTD: 12.11%
• 1Y: 19.50%
• 3Y*: 17.58%
• 5Y*: 6.60%
• 10Y*: 9.24%
• ALL TIME*: 6.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LMCLX Miller Income Fund	$0.00	$0.00	$0.00
LMOPX Miller Opportunity Trust	$0.00	$0.00	$0.00

LMOPX vs. LMCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMOPX Miller Opportunity Trust	10.26%	26.41%	25.40%	38.10%	-36.67%	-3.97%	37.56%	32.94%	-10.47%	25.00%
LMCLX Miller Income Fund	12.11%	8.40%	27.96%	13.95%	-22.77%	29.14%	-2.83%	26.02%	-8.00%	16.98%

Correlation

The correlation between LMOPX and LMCLX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.79
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 5, 2014	0.76

The correlation between LMOPX and LMCLX shifts across timeframes, from 0.63 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LMOPX vs. LMCLX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LMOPX

LMOPX Risk / Return Rank: 38
LMOPX Sharpe Ratio Rank: 40
LMOPX Sortino Ratio Rank: 39
LMOPX Omega Ratio Rank: 37
LMOPX Calmar Ratio Rank: 38
LMOPX Martin Ratio Rank: 38

LMCLX

LMCLX Risk / Return Rank: 45
LMCLX Sharpe Ratio Rank: 49
LMCLX Sortino Ratio Rank: 48
LMCLX Omega Ratio Rank: 43
LMCLX Calmar Ratio Rank: 46
LMCLX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LMOPX vs. LMCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Opportunity Trust (LMOPX) and Miller Income Fund (LMCLX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	LMOPX	LMCLX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.39	-0.14
Sortino ratio: Return per unit of downside risk	1.80	1.99	-0.18
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.68	1.87	-0.19
Martin ratio: Return relative to average drawdown	5.89	5.83	+0.06

LMOPX vs. LMCLX - Sharpe Ratio Comparison

The current LMOPX Sharpe Ratio is 1.25, which is comparable to the LMCLX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of LMOPX and LMCLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LMOPX vs. LMCLX - Drawdown Comparison

The maximum LMOPX drawdown since its inception was -81.54%, which is greater than LMCLX's maximum drawdown of -44.81%. Use the drawdown chart below to compare losses from any high point for LMOPX and LMCLX.

Drawdown Indicators

	LMOPX	LMCLX	Difference
Max Drawdown Largest peak-to-trough decline	-81.54%	-44.81%	-36.73%
Max Drawdown (1Y) Largest decline over 1 year	-15.96%	-9.69%	-6.27%
Max Drawdown (3Y) Largest decline over 3 years	-29.19%	-22.59%	-6.60%
Max Drawdown (5Y) Largest decline over 5 years	-48.37%	-34.67%	-13.70%
Max Drawdown (10Y) Largest decline over 10 years	-53.03%	-44.81%	-8.22%
Current Drawdown Current decline from peak	-1.63%	0.00%	-1.63%
Average Drawdown Average peak-to-trough decline	-21.05%	-10.37%	-10.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	3.10%	+1.44%

Volatility

LMOPX vs. LMCLX - Volatility Comparison

Miller Opportunity Trust (LMOPX) has a higher volatility of 4.83% compared to Miller Income Fund (LMCLX) at 3.09%. This indicates that LMOPX's price experiences larger fluctuations and is considered to be riskier than LMCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMOPX	LMCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	3.09%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	15.65%	8.93%	+6.72%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	13.07%	+8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.14%	17.72%	+10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.65%	17.56%	+11.09%

LMOPX vs. LMCLX - Expense Ratio Comparison

LMOPX has a 1.95% expense ratio, which is higher than LMCLX's 0.96% expense ratio.

Dividends

LMOPX vs. LMCLX - Dividend Comparison

LMOPX has not paid dividends to shareholders, while LMCLX's dividend yield for the trailing twelve months is around 2.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMCLX Miller Income Fund	2.92%	3.59%	4.28%	5.81%	6.33%	5.52%	6.04%	8.23%	9.22%	7.97%	8.54%	8.40%
LMOPX Miller Opportunity Trust	0.00%	0.00%	0.00%	0.00%	14.45%	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LMOPX and LMCLX in my portfolio?

LMOPX and LMCLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMOPX or LMCLX?

LMOPX has higher volatility (4.83%) compared to LMCLX (3.09%). In terms of maximum drawdown, LMOPX dropped -81.54% vs LMCLX's -44.81%.

Which has better risk-adjusted returns?

LMCLX currently has the higher Sharpe Ratio (1.39 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.